French crypto monetary companies agency Flowdesk has efficiently raised $50 million in a Sequence B funding spherical led by Cathay Innovation. The funding spherical consists of participation from Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple, as per an announcement shared with Cryptonews.
Flowdesk’s $50 million funding follows a $30 million Series A round in June 2022, led by Eurazeo, Aglaé Ventures, and ISAI, with participation from Coinbase, Ledger, Speedinvest, Cloth.vc, and angel traders.
The agency has lately been appointed because the liquidity provider for the Grayscale Bitcoin ETF, marking a strategic transfer in response to the rising institutional adoption and liquidity inflow following the approval of the Spot Bitcoin ETF. Jacky Abitbol, Managing Accomplice at Cathay Innovation, stated on the event:
“We’re very excited to assist Flowdesk to additional speed up their development and worldwide growth. Via their modern SaaS mannequin, Flowdesk has persistently demonstrated spectacular efficiency during the last three years. Our funding extends past capital, foresting a collaborative journey with our long-standing Cathay ecosystem to form the way forward for monetary markets.”
Flowdesk to Develop OTC Choices with New Funds
The $50 million funds raised might be utilized to develop Flowdesk’s over-the-counter (OTC) choices, improve regulatory protection in Singapore and america, and facilitate the growth of workplaces in key monetary hubs. Moreover, the agency plans to make key hires to assist its development initiatives.
Flowdesk’s income witnessed a threefold improve 12 months on 12 months, regardless of market challenges, demonstrating its resilience within the crypto panorama. The corporate has launched new workplaces in North America, with notable hires from the Genesis group to develop its OTC desk.
Along with its position because the liquidity supplier for the Grayscale ETF, Flowdesk has partnered with Société Générale FORGE, a subsidiary of Société Générale, and secured approval because the market maker for the primary stablecoin (EUR CoinVertible) backed by a European-regulated monetary establishment.
The agency’s strategic positioning within the rising institutional curiosity in ETFs and the increasing OTC market is highlighted by its collaboration with regulatory our bodies such because the SEC and MiCa. Flowdesk has obtained a Digital Asset Service Supplier registration in France and is actively pursuing licenses in Singapore and the US. Guilhem Chaumont, CEO and Co-Founding father of Flowdesk, stated:
This increase highlights the importance of Flowdesk because the rising {industry} customary for market-making and over-the-counter (OTC) companies, providing sustainable and compliant liquidity options for token issuers and establishments. In a panorama marked by regulatory uncertainties, volatility, and a number of industry-wide setbacks, liquidity has remained scarce. Flowdesk’s full suite of companies goals to revolutionize this panorama, providing scalable, risk-adjusted, and capital-efficient options.